CleanSpark and BitFuFu see bitcoin production slip in September as Canaan remains flat

Bitcoin production fell in September for publicly traded miners CleanSpark and BitFuFu after a slight August turnaround, while Canaan's output held steady.

CleanSpark mined 529 BTC in September, down nearly 11% from 593 BTC in August. BitFuFu produced 167 BTC, a 4% decline from the 174 BTC the prior month, while Canaan mined 44 BTC, the same number it mined in August.

CleanSpark

CleanSpark ended September holding 13,530 BTC, down from 13,703 BTC at the end of August. The company reported it sold 2 BTC on spot markets and another 700 BTC through call option exercises at an average sale price of $72,928 per bitcoin.

CleanSpark also announced that it would stop publishing monthly mining updates and move to quarterly reporting.

This comes as it focuses more on its growing data center business. Last week, CleanSpark closed a $2.276 billion senior secured note offering to finance construction of its Sandersville, Georgia, data center campus that it expects to generate roughly $6.6 billion in revenue.

CleanSpark stock CleanSpark, Inc. (CLSK) is trading at $8.76 on Thursday. Shares are down more than 24% year to date.

BitFuFu

BitFuFu's September decline came despite its own mining production rising more than 11% to 98 BTC from 88 BTC in August. However, its cloud mining production dropped nearly 20% to 69 BTC from 86 BTC.

BitFuFu's bitcoin holdings notched up slightly to 1,388 BTC from 1,373 BTC.

The company also disclosed roadblocks in its proposed acquisition of an 80 MW bitcoin mining site in Ethiopia, stemming from disputes between the site's operator and local electricity suppliers. BitFuFu already put $4.1 million into the deal and deployed around 13,700 Bitmain Antminer S19 mining rigs to the site. 

The company is now weighing its options, including fully cancelling the deal to recover some of its investment.

BitFuFu stock (FUFU) is trading for $1.27 on Thursday. Shares are down over 54% year to date.

Canaan

Canaan's bitcoin production was unchanged at 44 BTC in September, ending a three-month stretch of consecutive declines.

The company's bitcoin holdings increased to 1,875 BTC from 1,868 BTC in August.

Canaan also revealed on Thursday that its 8 MW heating project in the Nordic region is fully online, using heat from its computing equipment to supply around 2,800 homes. The company is also working on developing a similar heat-recovery project in Canada.

Canaan shares Canaan Inc. (CAN) are trading at $0.25 on Thursday, now down more than 68% year to date.